Renewable energy will provide the cheapest sources of power for G20 nations by 2030, according to a new Greenpeace study.
Ahead of this weekend’s G20 Summit in Hamburg, Greenpeace Germany has released a report – carried out by Finland’s Lappeenranta University of Technology – which says wind and solar will be the cheapest type of energy available to each G20 country by the end of the next decade.
Greenpeace Germany energy expert, Tobias Austrup said: “There can be no excuses anymore. Climate protection increasingly makes economic sense across the G20 as renewable energy becomes cheaper than dirty coal and nuclear.
“Any G20 country that is still investing in coal and nuclear power plants is wasting their money on technology that will not be competitive in coming years. The G20 now has a responsibility to send a clear signal that accelerating the clean energy transition is not only the right thing to do for the climate, but also for the economy.”
The study discovered that in many areas of Europe, America, China, South American and Australia, wind farms already provide the cheapest electricity. It goes on to say that with advances in technology, solar will be even cheaper than wind in many G20 nations by 2030.
Hannah Martin, Head of Energy at Greenpeace UK, added: “Action on climate change will not cost us the earth. The shift to a low carbon economy is well under way all around the world, and with half of the G20 countries generating cheaper electricity from renewables than coal or nuclear, the economic case is clear. The costs of wind and solar power are still falling, and the point when they will be the cheapest sources of energy in every G20 country is already in sight.”